Take-overs provide most interest

Press, 1 May 1981, Page 8

Take-overs provide most interest

Shale oil issues, led by the Rundle twins, were back in vogue on the Australian sharemarket yesterday as U.S. buying helped continue a trend in London overnight. The major Rundle partner, Central Pacific, finished 50c higher at 220 c and its affiliate, Southern Pacific, firmed 16c to 96c — but trading elsewhere was in the doldrums after another rise in U.S. -prime rates, to 18 per cent. Take-over situations continued to provide the market with its greatest talking

point as heavy turnover in the Sandminer, Murphyores, set the rumour mill in motion. About 800,000 Murphyore shares traded nationally as the stock rose 30c to 80c in Sydney, and 83c in, Melbourne, earning an inquiry tag from the exchange in the process. Elsewhere, Mercantile Mutual dropped into range of FAl’s bid by shedding 6c to 395 c as unknown buyers who have been holding the stock one to two cents above the

FAI offer dropped out of sight.